Loan Workout Officer

Provident Bank - Woodbridge Township, NJ

Full-time

Woodbridge Township, NJ

Credit Intermediation and Related Activities

About the position

The position involves developing and implementing strategies to protect and improve the Bank's position in problem commercial loans and commercial real estate credits. This includes negotiating repayment schedules, obtaining additional collateral, and pursuing acquisition strategies, including bankruptcy and asset liquidation.

Responsibilities

• Restructures/resolves problems in Business Banking, Middle Market and Commercial Real Estate loans of moderate size and complexity.
• Maintains a portfolio of troubled accounts, actively managing accounts towards resolution, including preparation of periodic status reports.
• Interacts with lending officers, borrowers, and attorneys to enhance collections, negotiate repayment terms, and secure collateral or other assets of the borrower.
• Formulates and implements litigation strategies with outside counsel.
• Inspects critical properties recommended for litigation to ascertain sufficient value for legal action, sets bid prices prior to foreclosure sale, and participates in setting sale price and negotiating the sale of bank-owned assets.
• Responsible for periodic credit write-up on accounts for management review.
• Oversees acquisition and disposal of OREO real estate for the Bank and its subsidiary.
• May review internal real estate evaluations prepared by commercial real estate underwriters.

Requirements

• Bachelor's degree, preferably in Business, with a concentration in Accounting or Finance.
• At least ten years loan workout experience in banking, real estate, or other financial institution.
• Extensive knowledge of bankruptcy, real estate, and state collection laws.
• Working knowledge of managing and selling real estate processes.
• Working knowledge of banking regulations, credit approvals, loan documentation, collateral valuation, and banking policy.
• Excellent negotiation skills.
• Ability to prepare reports and business correspondence, and effectively present information to various stakeholders.
• Excellent oral and written communication skills.
• Considerable knowledge and ability to apply modern office practices and procedures related to accounting, including spreadsheet programs (Microsoft Office).
• Ability to prioritize multiple projects and complete them on time.
• Ability to conduct meetings and respond to questions from peers, auditors, governmental agencies, borrowers, and senior management.